Make the Most of Your Day-to-Day Account

8 tips for making the most of your day-to-day account.

Your day-to-day account, maybe an ElectroLink or chequing account, is a hub for your day-to-day financial transactions. There are many account options, with various features and fees, so it’s worthwhile spending some time considering your requirements, comparing options, and choosing the account that best meets your needs.

Here are 8 tips for making the most of your account:

1. Get paid automatically
   Set up direct deposit to channel your paycheque and other regular sources of income into your account.
2. Pay bills automatically
   Set up automated bill payments or debits to ensure all your recurring payments are made on time, every time. No more keeping track of due dates or worrying about missed payments. Ensure you set the dates to correspond with your paycheque.
3. Save and invest automatically
   Prioritize shorter-term savings goals by setting up automatic transfers from your account to a savings account each month. Or set up an Accumulator for the annual expense like property taxes, hockey fees or insurance. The Accumulator works better for some people as it reduces the temptation to borrow from it. Consider having multiple accumulators or automatic saving accounts
   Give them nickname for your savings goals, like Ski Pass. For longer-term savings goals, set up automatic payments to an investment account.
4. Consider having more than one account
   There are many reasons why having more than one account might suit the way you manage your money. For example, it may work best for you and your spouse to have separate accounts. You may want to dedicate a separate account for paying recurring bills. Separate accounts might also help you set and stick to budgets for different spending categories. For example: one account for groceries, another one for entertainment and eating out. Be aware that service fees may apply to these accounts unless a minimum balance is held.
5. Stay alerted
   A feature of online banking, are alerts to notify you of certain activity, via email, text or both. For example, an alert when a withdrawal over $100 has been made from your account could make you aware of a fraud situation before it goes too far.
6. EKC’s App
   Download EKC’s app for most of your banking needs.
   • Android download from Google Play Store
   • iPhone and iPad download from the iTunes Store
   • How to: Mobile Banking at EKC (PDF 437 KB)
7. Get overdraft protection
   Life happens. If you spend more money than you have in your account, you’ll be charged an overdraft fee. If you write a cheque but have insufficient funds when it’s cashed, the typical NSF fee is $40-$50. That’s why it’s a good idea to arrange some protection. That might be adding a line of credit to your account, linking your account to another account, or some other overdraft feature. Review the terms and fees involved before signing up.
8. Stash cash elsewhere
   Most day-to-day accounts pay little or no interest so they’re not the place to keep larger amounts of cash that you don’t need in the next few months. Better to set a savings goal and move that cash to a savings account.

Next Step

To discuss further, contact EKC at 1.866.960.6666 or book an appointment.
We’re happy to help!